Employee mobility constraints and debt choice
利用不可避免披露原则的采用作为外生冲击，研究发现员工流动限制增加后，企业更倾向于银行债务融资，信息不对称是主要传导渠道。
Using Inevitable Disclosure Doctrine adoptions as the exogeneous shocks, we find that firms gravitate towards bank debt financing following an increase in employee mobility constraints. Information asymmetry is the channel driving this effect.